You Know You’re a Chicago Landlord When…
Being a Chicago landlord is not easy. The city is densely populated, and has a large urban population. It’s especially tough to rent homes in lower-income areas, or areas with high crime rates.
Whether you’re having trouble marketing a home to a new family, or finding qualified tenants with a clean background, one thing is for sure – being a Chicago landlord has its own set of unique challenges.
In this article, we’ve put together a list of the top 8 signs that you’re sure to recognize if you are a Chicago landlord! You’ll know you’re a Chicago landlord when…
1. There Are Really Only 6 Days in Your Week (Because One Goes to Your Property)
Being a landlord is not always a full-time job – but sometimes it feels like one! On average, most Chicago landlords visit one of their properties at least once a week – and the amount of paperwork, administration, and other tasks you must do take up quite a bit of your time.
From performing background checks, to assessing damage to apartments, hiring cleaning services, collecting rent and security deposits – there’s always something to do, and it feels like there’s not always enough time to do it!
2. You’ve Become A DIY Painting Expert – And Your Hands Are Always Covered in Paint
A fresh coat of paint is sometimes just what you need to improve the value of your apartment rental unit, or the home that you rent. This is especially true if you live in a more urban area, where graffiti and tagging are common. Sometimes, a fresh coat of paint is the only way to cover up the evidence of vandalization!
You’ve become an expert at painting – both exterior and interior – and the paint on your hands and fingernails is proof.
3. You’ve Actually Considered Paying $8K For Eviction Assistance
Evictions are not easy in Chicago. The city has strong tenancy protection laws – and even when a tenant has broken the lease or performed criminal activity on your property, the process of eviction can take a lot of time – and cost you a lot of money.
If you’re a Chicago landlord, chances are that you’ve considered hiring legal assistance for the not-so-small price of $8,000 or more – just to help you get rid of a tenant who is misbehaving or destroying your property.
4. You’re on A First Name Basis with Your Local Home Depot Employees
Why pay for a plumber to fix a leaky faucet or a faulty shower head when you can do it yourself? The employees at your local Home Depot know you by name – and they smile when you walk in to get the materials for your next DIY project! With a little elbow grease, knowledge, and Google, you can take on just about anything!
5. You’ve Got More Tenant Contacts in Your Cell Phone Than You Have Friends or Family
Because Chicago apartments turn over so rapidly – and are always on the market for such a short time, the number of current and previous tenants that are saved as cell phone contacts may be quite high! You may even have more tenants in your phone than you do friends and family members.
However, many landlords find that if they take the time to find the right tenants – and develop a good relationship – they often become friends.
6. You’re Constantly Showing Your Vacant Properties
Chicago has a 52% apartment turnover rate – and about 54% of Chicagoans choose to rent rather than buy property. This means that there are plenty of apartments and homes to choose from on the Chicago rental market – and that they are always in demand!
If you’ve found yourself running from one apartment showing to another for days at a time, you’re probably a Chicago landlord!
7. Summers Are Busy – With 70% Renter Turnover
Summers are the busiest seasons in all of Chicago. During the summer, more than 70% of Chicago leases are terminated – meaning that during the hottest months of the year, you’ll be running around to show new apartments, clean and restore your existing properties, and interview potential tenants.
This is especially common in areas with a high population of students, such as neighborhoods near the University of Chicago. As students move out during the summer, or graduate, chances are that most of your properties will be vacated – and you’ll have to fill them up ASAP!
8. You’ve Considered Selling Your Rental Properties – More Than Once!
Being a landlord can be fun, rewarding and lucrative – but it can also be frustrating, disappointing, and expensive. It all depends on the specifics of your situation!
If you’ve been having trouble maintaining your rental units, or you have had tenant disputes that have led to difficult eviction proceedings, you may be ready to simply sell your Chicago properties – and move on.
If that’s the case, you may be interested in quickly selling your properties for cash, to a company like Max Cash Home Offers. You can be rid of your current properties – and the hassles that come with being a landlord in Chicago.
Contact Max Cash Home Offers Today – Sell Your Properties Fast in Chicago!
At Max Cash Home Offers, we buy homes and rental units of all types in Chicago. If you’re thinking about getting out of the property rental business, we’re an ideal choice. Contact us now to learn more about our property buying process and sell your Chicago properties for quick cash today!
We look forward to hearing from you and learning more about how we can help you sell your properties in Chicago.
Max Cash Home Offers offers instant cash offers on houses nationwide. We do not provide legal or financial advice. For information on foreclosure, eviction or any other legal situation make sure you contact a local attorney.
Author: Ryan Cruz
Ryan received his Bachelors of Science in Business Administration from the University of La Verne. Ryan has a strong passion for marketing and the real estate industry while leading and managing all online marketing efforts for Max Cash Home Offers.